Uproar in Parliament, Opposition seeks JPC probe: Houses adjourned without transacting business

• RBI asks banks for details of exposure to Adani Group
• Boris Johnson’s brother quits linked firm; B’desh questions ‘expensive’ power deal

I.S. Saluja

NEW DELHI (TIP): The Hindenburg-Adani issue rocked Parliament with both Houses adjourned for the day without transacting any substantial business. The Congress-led Opposition raised allegations of irregularities against the Adani Group, demanding a probe into the matter by a Joint Parliamentary Committee (JPC) or by a sitting judge of the Supreme Court.

Both Houses were adjourned until 2 pm after presiding officers of the Lok Sabha and the Rajya Sabha rejected calls for deferment of proceedings to discuss the matter, prompting the Congress-led Opposition to demand a JPC probe or a day-to-day judicial probe headed by a Supreme Court judge. When the two Houses again met at 2 pm, the ruckus over the issue did not abate, and Parliament was adjourned for the day, a Tribune News Service report said. Leader of the Opposition in Rajya Sabha and Congress president Mallikarjun Kharge led the demand for the JPC or a Supreme Court-monitored probe, with the DMK, TMC, SP, JD(U), Shiv Sena (Uddhav), CPI(M), CPI, NCP, IUML, NC, AAP and Kerala Congress joining the issue. The decision to press for an investigation came after a meeting at Kharge’s chambers in the morning which was attended by opposition parties. Rajya Sabha Chairman Jagdeep Dhankhar had earlier said the notices were not in order, but Opposition leaders vowed to keep raising the matter till they were allowed a discussion. Kharge later told reporters that nine party leaders, including him, had given notices for adjournment of proceedings in the Rajya Sabha to discuss the issue but the proposal was rejected by Dhankhar.

Derek O’Brien of the TMC said: “Opposition leaders are being continuously harassed for no reason by the ED and the CBI. Now, the government must take action against the perpetrators of this monumental scam and ensure that they do not flee the country. The hard-earned money of millions of Indians is in peril.”

Ram Gopal Yadav of the SP said the matter was very serious as “people were being sent home by the SBI in several districts, saying that there’s no money.”

The Opposition has been alleging that public money of the LIC and SBI invested in Adani firms is in danger of sinking.

AAP’s Sanjay Singh asked: “Why is the government silent on this mega scandal? Adani is the scandal kingpin and the treasurer of the BJP. He has formed shell companies abroad, overvalued his shares and looted people’s money.”

Keshav Rao of the BRS questioned the RS Chairman’s rejection of the adjournment notices. “The Chairman says the notices are not in order. There’s no pro forma as far as adjournment notices are concerned,” he noted.

Shiv Sena (Uddhav) MP Priyanka Chaturvedi and DMK’s Kanimozhi also demanded a probe.

Meanwhile, Parliamentary Affairs Minister Pralhad Joshi said, “We have to run the House smoothly. A good Budget has been presented under the guidance of PM Modi. If they have constructive suggestions about the President’s Address, they should give. I urge them to run the House smoothly and put forth their arguments.”

Congress: Why govt mum?

Modi govt is maintaining silence on the Hindenburg report. We will not remain quiet if you cheat Indian investors, consisting of 29 crore LIC policy holders and 45 crore SBI account holders.

Meanwhile, the RBI has asked  banks for details of exposure to Adani Group.

As the Reserve Bank of India (RBI) on Thursday, February 2,  sought details about lenders’ exposures to the Adani Group, chairman Gautam Adani cited market volatility for the decision to withdraw the follow-on public offer (FPO) of its flagship firm Adani Enterprises. His companies continued to lose on the stock market with the cumulative rout nearing USD 108 billion in a week — one of the biggest wipeouts in India’s history.

The RBI is seeking details both from private and public banks with the total exposure to the group estimated at Rs 75,000 crore. It has also sought to know special arrangements extended to the companies such as collaterals in the form of bonds.

The National Stock Exchange (NSE) too has put shares of three group companies under the additional surveillance mechanism (ASM). The move indicates the company’s shares are in trouble and require special monitoring. In a media message, Adani claimed the fundamentals of the company were strong.

A day after Swiss lender Credit Suisse stopped accepting bonds by Adani Group companies as collaterals for margin lending, Norges Bank Investment Management from Norway followed suit. Citigroup also stopped extending margin loans against securities of the group.

Boris Johnson’s brother quits linked firm

Meanwhile, Lord Jo Johnson, younger brother of former British PM Boris Johnson, quit his non-executive directorship of a UK-based investment firm linked with the Adani Group’s now-withdrawn FPO. Johnson junior had taken the position in June last year and said he sat on the board after having been assured that the company “is compliant with its legal obligations and in good standing with regulatory bodies”.

Bangladesh questions ‘expensive’ power deal

Bangladesh too has sought a revision of a 2017 power purchase agreement with Adani Power after local media said the price was high and the issue had been earlier raised by PM Sheikh Hasina. The Bangladesh power company is seeking a 40 per cent downward revision in the price.

(Source: Agencies)